‘Germany’s most expensive ENEMY!’ Backlash at magazine’s astonishing attack on Trump

Wirtschaft Woche claims as a business location is “endangered” as a result of Mr Trump’s aggressive tax, trade and monetary policies.

The magazine has been criticised for the tone of its cover story on .

Klaus Weinmann, founder and CEO of CANCOM an IT service management company, said: “The layout is too negative for me. 

“Trump surely doesn’t get any sympathy from us. 

“But: we need to risk more optimism and concentrate on the chances offered by digitalisation!”

Germany has been extremely critical of the tax reforms planned by Mr Trump.

Germany’s minister of finance Peter Altmaier, said: “We will have to review the American proposals to what extent they change the preconditions for tax competition between states.”

This latest attack on Mr Trump comes amid for it reporting a net loss £1.9 billion.

The bank said its profit margins had worsened due to a drop in investment banking and changes to the system of taxation in the , CNBC said.

Deutsche Bank CEO John Cryan said: “Only a charge related to US tax reform at the end of the year meant that we had to post a full-year after-tax loss.

“We believe we are firmly on the path to producing growth and higher returns with sustained discipline on costs and risks.”

President Trump is hoping that his tax reform will make the US a more attractive place to do business.

On Twitter Donald Trump said: “We need a tax system that is FAIR to working FAMILIES & that encourages companies to STAY in AMERICA, GROW in AMERICA, and HIRE in AMERICA!”

Part of the US tax reform would see corporate tax rates reduced from 35 per cent to 25 per cent. Germany’s corporate tax rate is currently 30 percent.

When Trump announced the proposed tax changes, finance ministers from Europe’s five biggest economies – Germany, France, Britain, Italy and Spain – said they and that they fear it could harm the global economy.

The letter stated: “The inclusion of certain less conventional international tax provisions could contravene the US’s double taxation treaties and may risk having a major distortive impact on international trade.”

One of Mr Trump’s proposals would see US companies forced to pay a 20 per cent tax on payments to foreign companies, a move that would effectively force companies to spend money with US firms.

Additional reporting by Monika Pallenberg